A guide to executive suites and office space to rent in Denver as well as general information that may be useful if you are thinking of renting offices in the city.
History & Geography
The capital of Colorado is the largest and most populous city in the state. Denver sits in the South Platte River Valley in the western part of the High Plains, a subregion of middle America’s famous Great Plains. The city sits just east of the Rocky Mountains, one of the largest mountain ranges on the north American continent, stretching from British Columbia to New Mexico. Nick named the Mile High City because its official elevation is exactly one mile, Denver was founded in November 1858. The town was named Denver after the Kansas Territorial Governor James W. Denver. Denver was ideally placed to take advantage of existing trails in the area and was across the river from various encampments of the Arapaho and Cheyenne. Town lots were sold to merchants and miners and the town grew quickly, servicing local miners with facilities like hotels, saloons, gambling halls and general goods stores. In 1867 Denver became the first Territorial Capital of the newly created Arapaho County. Colorado was admitted to the Union in 1876. When silver prices dropped in 1893 Denver experienced a long depression. However by the early 20th century the city had become home to the Colburn Automobile Company which manufactured cars in the city, as well as several other manufacturing operations, boosting the economy. During this time the city was extensively modernized, with paved roads, sewage systems, street lighting and other modern amenities. From the 1950s to the 80s, nuclear waste was stored near the city at the Rocky Flats Plant. Leakage from the plant was later to have proved to have caused birth defects and cancer in central Denver. In 1970 Denver was selected to host the 1976 Winter Olympics, but became the first and only city in history to turn down the games due to voters coming out against allocating public funds to the organization of the games. Today Denver is the 27th most populous US city and the economic hub of the region.
Currently Denver is the 18th largest metro economy in the US. Its gross metropolitan product was USD 157 billion in 2010. Because of its location, Denver has become a major transport hub, and is connected to some of the largest transportation systems in the US. It is the largest city in a 500 mile area, and because of this Denver has also become an important storage and distribution centre. The city is located approximately equidistant between Chicago and St Louis and is also relatively close to some major cities on the West Coast like Los Angeles and San Diego. One of the largest companies based in Denver, and a major employer in the city, is the major Molson Coors Brewing Company, which set up its headquarters in Denver in 2005. Other major companies headquartered in the city are the Newmont Mining Corporation, Lockheed Martin, United Airlines, Kroger Co, Xcel Energy and MapQuest. Because of its location Denver also has a large government presence, with many federal agencies having extensive operations or headquarters in the city. There are also many companies connected to the defense and space industries based in Denver. Energy and mining are also still bulwarks of Denver’s economy with many large companies based in the city, such as EnCana, Halliburton, Smith International, Rio Tinto and Newmont Mining.
Tourism & Culture
Denver is a popular city for tourists and visitors who like outdoor sports and activities. Because of its sunny weather and proximity to the mountains there are a range of activities that Denver is ideal for. Skiing in the Winter is very popular in Denver, and in summer many come for the hiking, mountain biking, kayaking and camping. The city also hosts several festival and events through the year, the most famous and popular being Cinco de Mayo in May, Dia de Los Muertos, El Grito de la Independencia and the Lowrider Show. In July the city’s Chinese community celebrates the Dragon Boat Festival and the Moon Festival. The city is famous for its New Mexican food, a form of southwestern American food which features blue corn, enchiladas and the New Mexican Chili. Denver is also famous for its sports teams, especially its American football team, the Denver Broncos.
The city is served by Denver International Airport, which is currently the tenth busiest airport in the world. It is located approximately 18 miles east of the city center. It is the largest airport by land area in the country and servers over 50 million passengers every year. The city itself is served by a comprehensive bus system as well as an extensive light rail system. Denver is ranked as the 16th most walkable US city and also boasts a large network of cycle paths. It is currently initiating a system of bike sharing which will feature 400 bicycles when it is first initiated.
Denver currently has the 17th largest office market in the US. The city has approximately 1.36 million workers and is home to several large industries. It’s average per capital income is USD 48,024, about 15 percent above the national average. Over the last few years the vacancy rate has steadily declined and now stands at 14.5 percent. The average rate currently stands at USD 20. The office market used to be a tenant market, but that is now gradually changing as the difference between published asking rates and proposal rates is declining.